Question

# From the following information of a Not-for-Profit Organisation, show the 'Sports Materials' item in the Income and Expenditure Account for the year ended 31st March, 2018 and Balance Sheets as at 31st March , 2018:         Particulars 31st March, 2017 ₹ 31st March, 2018 ​₹ Stocks of Sports Materials Creditors for Sports Materials Advance to Suppliers for Sports Materials 6,200 9,800 11,000 4,800 7,200 19,000

Solution

## Extract of Income and Expenditure Account for the year ended March 31, 2016 Dr.   Cr. Expenditure  Amount (Rs) Income Amount (Rs) Sports Material Consumed 92,800                           Balance Sheet as on March 2015 Liabilities  Amount (Rs) Assets Amount (Rs) Creditors for Sports Materials 9,800 Stock of Sports Materials 6,200     Advance paid for Sports Materials 11,000           Balance Sheet as on March 2016 Liabilities  Amount (Rs) Assets Amount (Rs) Creditors for Sports Materials 7,200 Stock of Spors Materials 4,800     Advance paid for Sports Materials 19,000           Working Note: Calculation of Sports Material Consumed Particulars  Amount (Rs) Sports Material 1,02,000 Add: Opening Stock 6,200 Less: Closing Stock (4,800) Less: Creditors in the beginning (9,800) Add: Creditors at the end 7,200 Less: Advance at the end (19,000) Add: Advance in the beginning 11,000   92,800       Alternatively, Sports Material consumed can also be calculated as. Creditors for Sports Material Account Dr.   Cr. Expenditure  Amount (Rs) Income Amount (Rs) Balance b/d (Advance in the beginning) 11,000 Balance b/d (Creditors in the beginning) 9,800 Bank A/c (Amount paid for stationery) 1,02,000 Purchases A/c (Balancing Figure) 91,400 Balance c/d (Creditors at the end) 7,200 Balance c/d (Advance at the end) 19,000   1,20,200   1,20,200                     Sports Material Consumed = Opening Stock + Purchases – Closing Stock = 6,200 + 91,400 – 4,800 = Rs 92,800 AccountancyTS Grewal Vol. II (2018)Standard XII

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